'FlexiPin' system could tackle card fraud
A Sydney-based web developer had designed a new system to help debit and credit card holders protect themselves from fraud.
Gabby Molnar has developed FlexiPin, a system which works by having users memorise only two numbers from a standard four-digit PIN, Smart Company reported.
FlexiPin then gives the user a formula in order to decipher the remaining numbers, thereby significantly cutting down on the chances of criminals finding out the full PIN.
It means, in essence, that the PIN changes each time the debit or credit card is used, and Mr Molnar has already demonstrated the innovative technology to a Commonwealth Bank executive in the hope it could gain widespread adoption.
The new invention may be of interest to Australians who wish to compare credit and debit cards and are in search of the best security facilities. Card skimming fraud has become a widespread problem in Australia, with criminal gangs using compromised EFTPOS terminals to glean card details.
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